Credit Card App strategy/planning

After much thought and deliberation I've decided to ask the opinion of the myFico community. I have been rebuilding my credit for a number of years now, and I am finally in the home stretch. My EQ and EQ reports are free of baddies, however my TU is still reporting 3 120 day lates from Mar-May of 2005. For some reason this same data has already fallen off of EQ/EX. I have a couple of goals as it pertains to credit cards, and I'm curious as to what you all think is the best strategy in which to reach them.

Goals:

1. Increase the amount of available credit, and have at least one card with a "good" credit limit.

AMEX (Undecided between Charge/BCP for everyday card or perhaps get both?)

"Pre-Selected Offers" include Gold, Blue Sky, Delta, and Blue

Chase Freedom (For bonus cash back + when I can't use AMEX)

Credit Union CC (Probably USAA since I bank there, and hoping for a high CL)

I would really like to make the move from using my debit card for routine purchases/bills and start getting at least a little something back however I'm afraid of those 120 day lates from 2005 impacting me during the application process. I'd also really like to dump my HSBC card with the crappy CL and annual fee ASAP.

All that said, the question that remains is how should I proceed? Apply for all three goal cards at once, stagger them, wait for last baddies to dissappear...what say you all?

Re: Credit Card App strategy/planning

Oh, I'm sorry! I miss read. Anyway, yours scores are obviously great, and those baddies dropping off may not net you many points because of their age, but it will still look better to companies like Amex to not have them there. In 5 mos, the world will be yours!

Re: Credit Card App strategy/planning

I will tell you what I would do. It's highly unlikely that Amex will pull TU so I would apply for them now. Your scores are fantastic and you don't have cc balances so why not start earning those rewards/dollars today? If you app for a cc you can request a CLI after 60 days and then every 6 months thereafter up to 3x your CL. Amex is usually good with the CLs so there's the high limit cc you're looking for. If you app for the charge card then you don't have to worry about a limit.

USAA pulls EX? I would call them and find out since you bank with them. I've read how people will bring in their own printed credit reports, to show a real person, to see what they may qualify for (before the bank does the actual HP). If they tell you they pull EX or EQ, then I would apply for them as well.

I applied for the Chase Freedom and they pulled TU. I know this varies all over the nation but I would still be wary and wait for those lates to fall off. They also denied me but I requested a recon and succeeded. Chase is decent with recons.

Re: Credit Card App strategy/planning

You look like you're in great shape to me. You have really good scores and only one late pmt from 2005 on TU.

I'd definitely app for the USAA. You already have a relationship with them and w/your history and scores, it seems like you'd be approved. For me, they pulled EQ when I apped for a CC in the summer.

Amex rarely pulls TU. They mostly pull EX. So, again, I think you're in good shape. And your one baddie on TU is only a late pmt. It's not a collection or CO, which Amex doesn't like. I think your chances of being approved are really good.

Chase I don't know a lot about. Keep in mind that if you get too many CCs at once, your AAoA will drop and your FICO will follow. Mine just droped a chunk from 3 new CCs in November. You might want to go for the USAA and Amex, and then add Chase in 6 mos. (tho I doubt the late pmt would deter them.)

Re: Credit Card App strategy/planning

Pen fed membership, (pentagon federal credit union, free for military) use same pull for membership to get a promise visa, very low apr for balances, or the 5% gas. Pen fed also has the lowest car loan rates, so youll have foot in the door for that. first 6 month your limit will be 5k, then prob 25k on cc.

store card, like amazon. 0% TVs, big ticket items

Rewards card, I prefer Amex Gold PR for this role, i can spend without worrying about utilization. BCP is great too, and safer for paycheck to paycheck folks.

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